Buyers, you have the power!

There’s an upside to every down real estate market. While it’s not great to be a seller today, it’s awfully nice to be a buyer.

The odds are good that several “for sale” signs are dotting front lawns in your neighborhood. More homes are sitting on the market, and many sellers have been waiting for good offers for months. You can bet that the owners of these homes are ready to negotiate.

It’s up to buyers to take advantage of this market. The obvious benefit is that buyers can negotiate harder on price. During the hottest days of the real estate boom, sellers could choose from multiple offers on their properties. Those days are gone. Today, it’s the buyers who have the advantage. It’s far easier again to convince sellers to lop off 5 to 10 percent of their homes’ asking prices.

But buyers don’t have to stop there. They can be more aggressive throughout the entire negotiating process. They might convince sellers to throw in some extra cash to repair that sagging back deck or resurface that cracked driveway. They might persuade owners to move up the closing date. Savvy buyers may even get sellers to pay part of their moving costs.

Buyers can do all this on their own, of course. But having a smart, tough real estate agent makes it easier. The best agents are skilled negotiators, able to land hefty concessions on behalf of their clients. If you’re a buyer, ask around for one of these agents. Who knows what price breaks you’ll nab?